Wellman Aims to Exit Bankruptcy This Month

2:54 PM MST | January 13, 2009

Wellman says more than 80% of its stakeholders voted in favor of a modified reorganization plan that will allow the company to emerge from bankruptcy this month. Wellman says it is also seeking a buyer for its Darlington, SC assets, which has the capacity to produce 500 million lbs/year of polyester staple fiber and 500 million lbs/year of polyethylene terephthalate. The company declared bankruptcy last February, saying it was unable to manage the cost of debt obligations amid deteriorating business conditions (CW, March 3, 2008, p...